Samsung Life Launches 'Solid Variable Annuity Insurance' "Enables Effective Retirement Planning"

[Asia Economy Reporter Changhwan Lee] Samsung Life Insurance announced on the 8th that it will launch the 'Samsung Tantan Variable Annuity Insurance (Non-dividend, Minimum Annuity Guarantee Type)'.

Generally, variable annuities, which are performance-based products, only reveal the level of future annuity payments at the time the annuity begins.

However, the Tantan Variable Annuity Insurance allows customers to confirm the minimum future annuity amount in advance by setting the premium payment and annuity start date at the time of subscription, regardless of investment performance, enabling effective retirement planning, the company explained.

This product guarantees the payment of the minimum annuity amount calculated based on the annuity reference amount, regardless of investment performance.

The annuity reference amount is calculated by applying a simple annual interest rate of 5% to the main contract premium during the payment period from the subscription date (20 years if less than 20 years), and then a simple annual interest rate of 4% from then until the annuity start date.

The minimum guaranteed annuity amount is finally calculated by multiplying the annuity reference amount by the payment rate according to the annuity start age, with an additional increment rate applied depending on the insurance maintenance period and investment performance.

The annuity start age can be selected between 45 and 80 years, and the payment rate increases as the start age increases. A 'long-term maintenance increment rate' is applied based on the maintenance period before the annuity starts, increasing the annuity amount by up to 30%.

Diversified investment is possible through the S Asset Allocation Type 50 Fund, and if the investment performance is good at the annuity start date so that the contract reserve exceeds the total premiums paid, the minimum guaranteed annuity amount can increase by up to 30%. However, early surrender may result in principal loss.

This product also allows flexible fund utilization through mid-term withdrawals and additional premium payments.

Subscription types can be chosen between a single premium type (lump-sum) and a regular premium type. The subscription age is from 0 to 70 years for the lump-sum type and from 0 to 65 years for the regular premium type, with a minimum accumulation period of 10 years after full payment for both. The payment period for the regular premium type can be selected from 5, 7, 10, 12, 15, 20, 25, or 30 years.

A Samsung Life Insurance official said, "The Tantan Variable Annuity Insurance allows customers to know the level of the guaranteed minimum annuity amount in advance, enabling stable retirement planning," adding, "It is suitable for customers preparing solid retirement funds in the face of a super-aged society."

This content was produced with the assistance of AI translation services.